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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRANS EXIM
LTD. |
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Registered Office : |
c/o Diamart Ltd. Room 1724A, 17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
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Date of Incorporation : |
16.09.1993 |
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Com. Reg. No.: |
17391800 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of diamonds, jewellery products, precious stones, etc. |
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No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TRANS EXIM
LTD.
c/o Diamart Ltd.
Room 1724A, 17/F.,
Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2877 3191
FAX: 2801 4925
E-MAIL: nishit@diamart.diminco.com
Managing Director: Mr. Arvind Kashinath Jadhav
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Jewellery Trader.
Employees: 8. (Including associates)
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
TRANS EXIM
LTD.
Registered
Head Office:-
c/o Diamart Ltd.
Room 1724A, 17/F.,
Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
4C’s Diamonds
Distributors, Hong Kong. (Same address)
Diamart Ltd., Hong
Kong. (Same address)
Digico Holdings
Ltd., Hong Kong. (Same address)
Gitanijali Gems
Ltd., India.
Gitanjali Exports
Corporation Ltd., India.
17391800
0449526
Managing
Director: Mr. Arvind Kashinath Jadhav
Nominal Share
Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000,000.00
(As per registry dated 16-09-2011)
|
Name |
|
No.
of shares |
|
Arvind Kashinath JADHAV |
|
600,000 |
|
Zenit Chetan Kumar SHAH |
|
400,000 |
|
|
|
–––––––– |
|
|
Total: |
1,000,000 ======= |
(As per registry dated 16-09-2011)
|
Name (Nationality) |
Address |
|
Arvind Kashinath
JADHAV |
Flat G, 6/F., Tower 23A, Laguna Verde,
Hunghom, Kowloon, Hong Kong. |
|
Zenit Chetan
Kumar SHAH |
2078, Bo’an Nan Road, Shengong Hao Yau,
Hao Shan Ghe 13-C, Lohwu District, Shenzhen, China 518008. |
(As per registry dated 16-09-2011)
|
Name |
Address |
Co.
No. |
|
VMC
Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui,
Kowloon, Hong Kong. |
0750831 |
The
subject was incorporated on 16th September, 1993 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of J.S.M. Impex Ltd., name changed to
the present style on 10th November, 1994.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds, jewellery products, precious stones, etc.
Employees: 8. (Including affiliates)
Commodities Imported: Europe, India, Southeast Asia, etc.
Markets: India, Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Charge on All Deposits to secure Obligations
of the Chargor:
24-10-1996
Amount: To secure all moneys obligations and liabilities
Property: A deposit of US$200,000
Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch.
[Now known as The Royal Bank of Scotland N.V.]
Profit or Loss: Making a small profit in the past years.
Condition: Business is active and steady.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as required.
Commercial Morality: Satisfactory.
Bankers: The Royal Bank of Scotland N.V., Hong Kong Branch.
Standing: Normal.
Having
issued 1 million ordinary shares of HK$1.00 each, Trans Exim Ltd. is jointly
owned by Mr. Amit Haresh Kumar Patwa, holding 60% interests; and Mr. Zenit
Chetan Kumar Shah, holding 40%. Being an
Indian, Shah is one of the directors of the subject. The other director of the subject Mr. Arvind
Kashinath Jadhav was appointed in September 2010.
Patwa
has been in Hong Kong for a very long time.
Most of the time, Shah, an India passport holder, is residing in
Shenzhen Special Economic Zone, China where he has had business concerns.
The
subject is sharing the office with Diamart Ltd. [Diamart] which is a
Hong Kong-registered firm. Diamart
has got an associated firm Digico Holdings Ltd. [Digico] which is also a Hong
Kong-registered firm located at the same address. Diamart and Digico are also trading in diamonds
but owned by different Indian. The contact person of Diamart is
also Patwa.
Digico
was accorded with the DTC sight in the year 2000. The Digico Group is involved in rough
sourcing, manufacturing, trading, branding and retailing of diamonds and diamond
jewellery. Diamart Hong Kong is a
wholesaler /
retailer especially involved in import and export of polished diamonds,
exporting the majority to the United States, China and Europe. It deals in diamonds below 50 point in
Rounds, Princess and Baguettes.
Digico
is a vertically integrated global diamond house with a well balanced
operational and distribution system in place that maximizes efficiency. The Digico Group has highly modernized
diamond cutting and polishing facilities in India, Bangkok and Qingdao,
China. The Group has sales and marketing
offices across Europe, South East Asia, the United States, Japan and the Middle
East. Its Indian subsidiary, Gitanjali
Gems Ltd., is today one of the
largest diamond exporting public limited companies in India. Digico
has had branch companies in the United States, Belgium, India, Namibia, the
United Arab Emirates, China, Thailand
and Japan.
Digico
is the pioneer of branded jewellery in India and has several well established
brands in its arsenal to tap the continuously growing branded jewellery market
in India and the rest of the world. The
list includes well‑know and well established brands such as “Nakshatra”,
“Gili”, “Asmi”, “Sangini”, “D’Damas”, “Mi Amor”
and “Giantti”. Currently, Digico
Group is operating 27 retail outlets under the name “Giantti” across
China.
Besides,
the subject has got another associated firm 4C’s Diamonds Distributors located
at the same operating address. 4C’s
Diamonds Distributors is a partnership jointly owned by Mr. Hitesh Laltibhai
Mehta and Mr. Arvind Kashinath Jadhav.
The first is also an Indian. This
firm was established on 11th March, 1988.
The
subject is a diamond, jewellery and precious stone trader. Rough diamonds, polished, cut and loose
diamonds are imported from Europe, India, Southeast Asia, etc. It
is carrying the following semi-precious stones: aquamarine, pink amethyst,
rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz,
kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet,
rose quartz, etc. The subject is one of the
significant jewellery firms in Hong Kong that imports cut and polished colour
gemstones from India. In 2005, the subject got an award
from The Gem & Jewellery Export Promotion Council of India.
The
subject has got an affiliated factory in Shenzhen Special Economic Zone,
China. Rough diamonds are processed in
the China factory while finished products are exported to Japan, some Asian
countries and Europe. The business in
China is handled by Shah. Shah is responsible for acquiring
products in China while Patwa is responsible for the subject’s business in Hong
Kong. The
subject and its affiliated or associated companies acquire jewellery products
from the same factory in China.
The
business of the subject is rather steady.
Regular suppliers and customers have been maintained for a long time. The
history of the subject in Hong Kong is over eighteen years and seven
months.
On the whole,
consider it good for normal business engagements.
Property
information of affiliate:-
Property Location: Room 1724 on 17/F., Star
House, 3 Salisbury Road, Kowloon, Hong Kong.
Owner: Diamart Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
04-03-2005 |
- |
Belgian Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
Mortgage to secure general banking facilities |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.51 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.